Financial Transparency & Governance Policy

1. Purpose

This policy explains how the Foundation will manage money, govern its affairs and report publicly. It applies once the Foundation is registered and continues as we grow.

2. Legal status and governing body

The Foundation is currently under registration. Once registered, its governing body will be responsible for strategy, oversight, financial stewardship, legal compliance and safeguarding. The governing body will meet regularly, keep minutes, declare conflicts and act in the best interests of the Foundation.

Trustee and governing-body details will be published on our Transparency page after registration.

3. Bank accounts and authorisation

• Funds will be held in bank accounts in the Foundation’s legal name.
• The governing body will approve authorised signatories and transaction limits.
• Larger payments will require dual authorisation.
• Personal accounts will never be used for Foundation money.
• Bank reconciliations will be reviewed regularly by someone independent of payment processing.

4. Budgeting and expenditure

We will prepare an annual budget, monitor actual income and expenditure against it and obtain approval for significant unbudgeted spending. Expenditure must support our charitable purposes, be properly documented and be authorised under our financial controls.

5. Administrative costs and reserves

We will keep administrative and fundraising costs reasonable and report them transparently. We may maintain a modest operating reserve to manage cash-flow and programme commitments. Reserve levels will be reviewed by the governing body and disclosed in our reporting.

6. Accounting and audit

We will maintain proper books of account, retain supporting records for the required period and prepare financial statements. Once required, we will appoint a qualified auditor and have our accounts audited annually. Audit findings will be reviewed by the governing body and acted upon.

7. Annual report and public disclosure

We will publish an annual report covering our programmes, key achievements, income and expenditure, governance and major risks. We will publish audited accounts when required and update our Transparency page with registration, tax approvals and other material information.

8. Statutory approvals and compliance

We will comply with the legal and tax requirements applicable to our legal form, including income-tax registration, 12A and 80G approvals where granted, FCRA requirements where applicable, and any other filings. We will not claim a tax benefit or registration that we do not hold.

9. Related parties

The Foundation is a shareholder of Arkynox, which maintains the Sangathya journal platform. Transactions with Arkynox and other related parties must be on fair terms, disclosed, approved without the interested person voting and reported in our financial disclosures.

10. Risk management

The governing body will identify and review significant risks, including financial, safeguarding, data protection, reputational and compliance risks. We will maintain appropriate controls, insurance where available and a plan for business continuity.

11. Whistleblowing and fraud

Suspected fraud, corruption or financial misconduct should be reported under our Anti-Fraud, Anti-Corruption & Whistleblower Policy. Reports will be investigated and retaliation is prohibited.

12. Review and contact

We will review this policy periodically. Financial questions may be sent to contact@sangathya.org. Our Grievance Officer is yet to be appointed. Postal address: Registered address will be published once registration is complete.